Nigeria and the Hong Kong Special Administrative Region of the People’s Republic of China have signed a landmark agreement to eliminate double taxation, prevent tax evasion and avoidance, and strengthen trade and investment between both economies.
The agreement was signed during a virtual ceremony by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Hong Kong’s Secretary for Financial Services and the Treasury, Christopher Hui, according to a statement issued on Monday by the Federal Ministry of Finance in Abuja.
Speaking at the signing ceremony, Oyedele described the agreement as “another significant milestone in the growing economic and commercial relationship between Nigeria and Hong Kong.”
He said the treaty reflects “Nigeria’s continued commitment to building a transparent, predictable, and investor-friendly tax environment that supports trade, investment, and sustainable economic growth.”
The minister added that although the signing was held virtually, “its significance was no less profound,” saying it showed the commitment of both governments to strengthen economic cooperation and create “a more conducive environment for cross-border trade and investment.”
Oyedele said the agreement comes at a time when Nigeria is expanding its economic partnerships across Asia and increasing its participation in global value chains.
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He described Hong Kong as “a leading international financial and commercial hub and a gateway for investment and trade opportunities,” expressing confidence that the treaty would encourage stronger private sector engagement and create new opportunities for businesses in both jurisdictions.
The minister also praised the negotiation teams from both sides for their work, saying their professionalism, dedication and constructive approach produced “a balanced and forward-looking Agreement reflecting international best practice while safeguarding the legitimate interests of both jurisdictions.”
He also thanked the Government of the Hong Kong Special Administrative Region and all stakeholders who contributed to the successful conclusion of the negotiations.
According to the Ministry of Finance, the agreement is aimed at eliminating the double taxation of income earned in both jurisdictions, preventing tax evasion and tax avoidance, and providing greater certainty for businesses and investors operating between Nigeria and Hong Kong.
The ministry said the treaty forms part of Nigeria’s wider strategy to expand its network of tax agreements, promote trade, attract more investment and strengthen international tax cooperation.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X